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Don't Build More Hotels, Says Al Habtoor

Emirati billionaire Khalaf Al Habtoor told Bloomberg that he is currently deciding whether to build or acquire between seven and ten schools as well as a hospital.

Khalaf Al Habtoor, the Dubai billionaire who added 1,600 hotel rooms to the city through one project alone, said the market is now saturated and hes looking to expand elsewhere.

I would not recommend any expansion in hotels at all to anybody, Al Habtoor said in an interview with Bloomberg TV. The groups beach properties are doing well, but with very low rates. His city hotel occupancy is fluctuating and the rates are not great, he said.

The tycoon said hes currently deciding whether its best to build or acquire between seven and 10 schools. Hes also studying building a specialized hospital with about 100 beds. Al Habtoor is planning to fund the investments through a mix of debt and equity.